Market Overview:
Silica aerogel is used in various applications such as building insulation, oil and gas, automobile, industrial insulation, and aerospace among others. The growing consumption in the developing region across the globe are the major factors contributing to the global market of silica aerogel. The increasing government investments in the construction has augmented the use of building insulation, in turn, fuelling the market growth. Among the various application sector, oil and gas is the dominant segment and is expected to show the same trend during the forecast years.
Market Segmentation
The global silica aerogel market is segmented into form and end-use industry. On the basis of the form, the market is segmented into blanket, monolith, panel, and others. On the basis of the application, the market is further bifurcated into oil & gas, building insulation, industrial insulation, automotive, aerospace, and others.
Market Scenario
The oil and gas end-use segment is leading the market and is expected to show a considerable CAGR during the assessed years. The growing oil and gas activities across the globe has fuelled the use of silica aerogel owing to its excellent thermal insulating properties. Silica aerogel is extensively used in gas processing units, refineries, subsea piping, and others. The growing oil and gas activities in harsh climates have increased the demand for excellent thermal insulation, in turn, adding to the market growth.
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Regional Analysis
The global silica aerogel market is spanned across five key regions: Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa. Among these, Asia Pacific holds a considerable portion of the market and is anticipated to grow rapidly during the forecast period. The demand from developing end-user industries in the region such as construction and automotive is expected to fuel the market growth. The key countries attributing to the growth of the silica aerogel in this region are China and India. North America is the dominant region in the global silica aerogel market. The developed end-use industries coupled with the growing adoption rate are the major factors fuelling market growth. Additionally, the shale gas boom in the region has surged the oil and gas related activities in the region, which, in turn, is fuelling the growth of the silica aerogel market. The major countries attributing to this growth are Canada, and the U.S. European market of silica aerogel is mainly driven by the developed automobile and construction. Moreover, the increasing use of silica aerogel in the oil and gas sector is also impacting the market growth, positively.
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Competitive Analysis
Some of the prominent players operating in the global silica aerogel market are BASF SE (Germany), The Dow Chemical Company (U.S.), Cabot Corporation (U.S.), Aspen Aerogels Inc. (U.S), Aerogel Technologies (U.S.), JIOS Aerogel Corporation (Korea), Svenska Aerogel Holding AB (Sweden), CF Technologies (U.S.), and Ocellus Inc (U.S.) among others..
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